Securities and Exchange Commission (SEC) and Economic and Financial Crimes Commission (EFCC) have announced collaboration to minimise trade manipulations in the virtual sphere.

Emomotimi Agama, acting director-general, SEC,  said that his the organisation was ready to collaborate with the EFCC to accomplish the national goal of ensuring that criminal activity is prevented from flourishing.

Agama stated this when he received a team from the EFCC led by Ola Olukoyede, executive chairman, in Abuja.

“We believe this form of cooperation is in the best interest of Nigerians. Only last week, we met the fintech community, and we made it clear to them that the SEC will not condone illegal trading on any platform, especially P2P. It’s a dangerous trend, and we cannot allow it to continue. This collaboration is very necessary for us to get out of this forex crisis.

According to Agama, the commission is preparing an economic regulatory centre to upload requests and have other sister agencies respond immediately, adding that the commission was implementing the Revised Capital Market Master Plan, intended to boost the economy and draw in FDIs.

“The opportunities in the capital market are enormous, and we are yet to tap the full potential for economic growth. The economy has a lot of issues, and the capital market is one of the avenues that can lead to economic emancipation. The President has said he wants to re-engage the youth, and that is why we are making efforts to ensure that our markets have the right products that can attract them,” he asserted.

According to the EFCC chairman, it is necessary to investigate the role virtual traders are playing in undermining the Nigerian economy.

He noted that the commission was prepared to use its authority to boost the economy and characterised the SEC as crucial to regulatory compliance.

“We are enforcers and not regulators, and that is why we need the SEC to ensure people play by the rules. We have done a lot to discourage people from forex malpractices,” he remarked.

Olukoyede emphasised that other agencies must cooperate with the EFCC in its fight against corruption, saying that it was a team effort.

World Bank has blacklisted 58 Nigerian companies and individuals for engaging in corrupt practices, a move which comes as part of the institution’s ongoing efforts to uphold integrity and transparency in its projects and operations.

Among those affected are 39 Nigerian companies previously debarred by the African Development Bank (AfDB), along with 19 individuals identified by the World Bank under the cross-debarment policy.

The total number of debarments now stands at 58, rendering the implicated entities ineligible to participate in projects and operations financed by institutions of the World Bank Group.

The list which the World Bank updates every three hours, contains a total of 1,210 companies and individuals globally at the time of this report.

A debarment renders firms/individuals ineligible to participate in projects and operations financed by institutions of the World Bank Group.

According to the World Bank report, the sanctions were imposed following an administrative process conducted by the Bank, which allowed the accused firms and individuals to respond to the allegations. This process adhered to the Bank’s procedures for sanctions proceedings and settlements in bank-financed projects.

“Through July 2007, this process was conducted in accordance with the Sanctions Committee Procedures adopted on August 2, 2001. The process is currently conducted in accordance with Bank Procedure: Sanctions Proceedings and Settlements in Bank Financed Projects. For more information on the two-tier sanctions process go to Sanctions,” it stated in the report.

Cross-debarment, as per the Agreement for Mutual Enforcement of Debarment Decisions, was enforced in accordance with the agreement dated 9 April 2010.

This agreement has been made effective by several international financial institutions, including the World Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and African Development Bank.

Cross-debarment in accordance with the Agreement for Mutual Enforcement of Debarment Decisions dated 9 April 2010, which, as of July 1, 2011, has been made effective by the World Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and African Development Bank.”

In addition to debarment, the Bank reserves the right to apply other actions to firms and individuals found in violation of its policies, which may not necessarily result in debarment.

The prohibited conduct leading to debarment is defined in the applicable Procurement or Consultant Guidelines, as well as in the World Bank Procurement Regulations for Investment Project Financing Borrowers. The specific guidelines may vary depending on the nature of the project in question.

The World Bank’s actions underscore its commitment to combating corruption and promoting accountability in development projects, ensuring that funds are used effectively for the benefit of the people.

Kashifu Abdullahi, director general of the National Information Technology Development Agency (NITDA), announced plans to integrate digital literacy into Nigeria’s education system, to achieve a 70% literacy rate by 2027 and 95% by 2030.

Kashifu Abdullah, DG, NITDA

The NITDA’s DG made the announcement on Wednesday in Abuja during a media parley.

He stated that in order to include digital literacy in the curriculum at all educational levels, from kindergarten to university, the Agency was collaborating with the Federal Ministry of Education.

Abdullahi, said that this program would equip Nigerians with the digital know-how and abilities they need to succeed in the digital economy.

He emphasized that NITDA would also launch the “Digital Literacy for All Initiative” to educate Nigerians outside the formal education system and provide access to quality digital content.

Nigeria would train over two million young people in in-demand IT skills in order to become significant global outsourcing hub

NITDA is also collaborating with the Defence Headquarters and security agencies to develop digital solutions to address security concerns, including the use of drones, artificial intelligence, and other digital resources to combat banditry, abduction, and terrorism, he said.

According to him, the agency’s draft SRAP 2.0 plan aims to establish Nigeria as a digitally empowered nation, with a focus on innovation, national prosperity, and inclusivity.

The director general of NITDA added that, if successfully implemented, this strategy could propel Nigeria into a new phase of digital empowerment and leadership in the global digital economy.